Nemetschek SE
Pitch Summary: Nemetschek’s competitive advantage is driven by its significant reinvestment in R&D and a loyal user base. The company is transitioning to a subscription/SaaS model, which is expected to drive long-term growth. BSD Analysis: Nemetschek faced temporary headwinds due to accounting-driven revenue pull-forward and soft demand in certain markets. However, its fundamentals remain strong, […]
Monday ($MNDY) â A Rule of 50, but at Risk of Becoming IrrelevantMonday.com Ltd. – MNDY
Pitch Summary: Monday.com has been a strong performer in the SaaS space, known for its innovative and flexible platform. However, the company faces challenges as growth slows and competition intensifies, particularly from larger, AI-driven platforms. While Monday.com continues to expand its product offerings and customer base, its lack of deep integration and proprietary data advantages […]
Veeva Systems: Vertical SaaS Quality in Life SciencesVeeva Systems Inc. – VEEV
Pitch Summary: Veeva Systems Inc. is a dominant player in the life sciences SaaS market, with a strong moat due to its mission-critical software that supports regulatory compliance and quality control. The company’s Vault platform is deeply embedded in the workflows of major pharmaceutical companies, ensuring high switching costs and durable revenue streams. BSD Analysis: […]
Microsoft Corporation
Pitch Summary: Microsoft remains a compelling long-term buy-and-hold due to its strong financial performance, predictable revenue streams, and strategic positioning in cloud and AI technologies. BSD Analysis: Microsoft’s recent fiscal Q1 2026 results showcased significant EPS and revenue beats, driven by robust growth in its business processes and cloud segments. The Azure business is accelerating, […]
(âąâż-) “Pflegia as a game changer” â U.C.A. AG will become a hidden champion U.C.A. AG – UCA1.DE
Pitch Summary: U.C.A. AG is positioned as a unique investment opportunity due to its focus on niche sectors in the German SME market, particularly through its investment in Pflegia GmbH, a reverse recruiting platform for nursing staff. The company’s high equity ratio and liquidity provide a solid financial base, while its dividend yield offers immediate […]
Veeva vs. Vitalhub: The Health Tech SaaS ShowdownVitalhub Corp. – VHI.TO
Pitch Summary: Vitalhub Corp. offers explosive growth potential through its acquisition-driven strategy in the fragmented healthcare software market. With an Investment Readiness Score of 68.3, the company boasts phenomenal revenue growth and outstanding gross margins. However, its low ROIC and significant share dilution present risks, making it suitable for aggressive growth investors. BSD Analysis: Since […]
Veeva vs. Vitalhub: The Health Tech SaaS ShowdownVeeva Systems Inc. – VEEV
Pitch Summary: Veeva Systems Inc. is a dominant platform in the life sciences sector, providing high-margin subscription revenue through its specialized SaaS tools. Its strong financial health, demonstrated by an Investment Readiness Score of 81.3, reflects excellent margins, high revenue growth, and significant return on invested capital. Veeva’s strategic positioning in the digital transformation of […]
Appian Corp. (APPN)
Pitch Summary: Appian (APPN) is a process automation SaaS platform with strong retention and a potential legal windfall that materially reduces downside risk. The company serves large enterprises in financial services, life sciences, insurance, and government â customers with stringent compliance needs and Bull sales cycles. Its low-code platform enables internal automation without heavy coding, […]
Thryv Holdings Inc. (THRY)
Pitch Summary: Thryv is a misclassified small-cap SaaS company obscured by its declining yellow pages (Marketing Services) legacy, which depresses its valuation and investor perception. The companyâs small-business software platform (CRM, marketing, payments, and communications) has reached a key inflectionânow exceeding 20% organic growth, ~100% NRR, and ~19% EBITDA margins in late 2024. SaaS revenue […]
Visional (4194 JP)
Pitch Summary: Visional is a founder-led Japanese SaaS company best known for its core platform Bizreach, a two-sided job-matching network with ~90% gross margins and ~40% operating margins. It enables HR departments and headhunters to âscoutâ mid-career professionals directly at a 15% success fee, undercutting the legacy 35% recruitment model. The company benefits from two […]
Grupa Pracuj S.A. (GPP)
Pitch Summary: Grupa Pracuj is Polandâs dominant online job classifieds platform (Pracuj.pl) and a leading player in Ukraine (Robota.ua, Work.ua), benefiting from powerful regional recovery and fiscal tailwinds. The company operates a capital-light, high-margin model (~48% EBITDA margin) across its classifieds and SaaS HR software businesses (eRecruiter in Poland, Softgarden in Germany). Management has been […]
CCC Intelligent Solutions (CCCS)
Pitch Summary: CCC provides software connecting auto insurers, repair shops, and parts suppliers, with dominant market share (27/30 top insurers, 75% of repair shops). Core estimate-writing tools are entrenched, but organic growth is faltering as U.S. collision volumes flatten or decline due to safer vehicles, rising insurance costs, and growing numbers of uninsured drivers. Despite […]
TeamViewer SE (TMV GY)
Pitch Summary: TeamViewer SE is a misunderstood, cash-generative remote access software company trading at <10x 2026 EPS, poised for re-rating as enterprise growth, margin recovery, and the 1E acquisition integration drive mid-teens earnings and FCF growth. BSD Analysis: TeamViewer SE (TMV GY) provides remote access, support, and device management software with a strong global brand […]
Macompta.fr (MLMCA.PA)
Pitch Summary: Macompta.fr is a highly profitable French SaaS compounder with >30% revenue CAGR, 45%+ ROE, and a long runway ahead as France mandates e-invoicingâtrading at just 15x 2025 EV/EBITDA. BSD Analysis: Macompta.fr (MLMCA.PA) is a French cloud-based accounting, tax, and payroll SaaS provider serving micro and small businesses (30% CAGR for eight years with […]
Plover Bay Technologies Ltd (Peplink) (1523.HK)
Pitch Summary: Plover Bay is a niche networking vendor whose Peplink-branded multi-WAN routers anchor âunbreakable connectivityâ for mobile and hard-to-reach deployments (maritime, emergency response, remote sites). After a decade of 20%+ revenue CAGRs, the model is shifting from one-off hardware to âhardware-enabled SaaSâ: subscriptions for InControl management, SpeedFusion bonding, and security now exceed 30% of […]
Computer Modelling Group Ltd. (CMG)
Pitch Summary: Calgary-based vertical software/consulting vendor focused on upstream energy simulation, best known for unconventional reservoir models (IMEX/GEM/STARS). Revenue is ~65â70% recurring with very high gross margins and minimal capex, producing strong cash conversion and historic ROE. Industry structure is oligopolistic (SLBâs Eclipse/Intersect, HALâs Nexus, CMG) with meaningful scientific/IP moats and high switching costs at […]
SoundThinking Inc. (SSTI)
Pitch Summary: SoundThinking (formerly ShotSpotter) provides acoustic gunshot detection and precision policing software to municipalities, generating ~95% recurring SaaS revenue with >90% gross retention. The companyâs flagship ShotSpotter service (â$75m ARR) suffered its worst attrition year in 2024 after Chicagoâits largest clientâterminated a $10m contract (~10% of revenue, ~30% of aEBITDA). That headline loss caused […]
Adrian Meli – Active Equity Excellence at Eagle (EP.459)
- Investment Philosophy: Adrian Meli emphasizes the importance of identifying scarce, high-quality assets that are seldom available rather than chasing popular but less valuable opportunities.
- Career Development: Meli’s early career in hedge funds provided a broad exposure to various asset classes, allowing him to learn from top investors and develop a generalist approach to investing.
- Market Evolution: He notes the shift in investment opportunities over the years, highlighting the increased competition and efficiency in markets as capital flowed into hedge funds and other high-fee structures.
- Investment Strategy: At Eagle, Meli focuses on a long-term investment strategy with a concentrated portfolio, leveraging a generalist framework to identify outliers and capitalize on market inefficiencies.
- Organizational Structure: Eagle employs a unique compensation model by paying analysts salaries instead of bonuses, which aligns with their long-term investment horizon and reduces short-term performance pressure.
- Market Opportunities: Meli sees potential in areas where capital is flowing out, such as certain SaaS companies and homebuilders, suggesting these sectors may offer attractive long-term returns despite current challenges.
- Industry Trends: He discusses the impact of indexing and short-term capital flows on market efficiency, suggesting that the current environment may present opportunities for active managers who can focus on long-term value.
- Future Outlook: Meli is optimistic about Eagle’s ability to attract talent and clients by maintaining a focus on long-term excellence and adapting to changing market conditions.
Weave Communications Inc. (WEAV)
Pitch Summary: Weave Communications is a vertically integrated SaaS communications platform serving dental, optometry, and specialty medical offices. The company provides an all-in-one suite combining patient communication, scheduling, payments, and automationâessentially the digital operating system for small healthcare practices. After improving from unprofitable low-teens growth to a profitable high-teens grower, Weave now trades at only […]
Shoper SA – the company which always helps businesses?Shoper – SHO.WA
Pitch Summary: Shoper is a leading e-commerce platform in Poland, offering a robust SaaS model with a wide range of services that cater to the needs of online merchants. Despite its strong local presence and high gross margins, the company’s growth prospects are limited by its geographic concentration and high valuation, leading to a ‘HOLD’ […]
